Mizuho's Laser Digital Enters DeFi Fixed Income with Keyring Network Partnership

ChainCatcher report: Nomura Securities’ digital assets subsidiary, Laser Digital, has announced a partnership with Keyring Network to serve as the risk governance provider for the institutional lending market, with the first markets launching on Euler Finance. Neither party disclosed committed capital, fee terms, or launch dates. Under the collaboration framework, Keyring provides infrastructure and tools, including access verification, quantitative risk parameter setting, and liquidation framework design; while Laser Digital’s asset management division contributes governance standards, portfolio structures, and market practices. Both parties identified four key barriers to institutional participation in DeFi lending: permissioning, vulnerability risks, governance, and settlement. The solution integrates zero-knowledge permissioning, quantitative risk modeling, network insurance, and Keyring’s settlement technology. According to DefiLlama data, Euler has a total value locked of $368.8 million across 17 chains, with $555.4 million in outstanding loans. Previously, in August, Laser Digital supported private credit on ZIGChain’s emerging markets; Keyring introduced a zero-knowledge identity layer for DeFi vaults on Avalanche in August 2025. Nomura established Laser Digital in 2022, with its operational headquarters in Dubai and Switzerland.